State of New Jersey Common Pension Fund D Has $2.43 Million Position in Qorvo, Inc. $QRVO

State of New Jersey Common Pension Fund D cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 8.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,659 shares of the semiconductor company’s stock after selling 2,726 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Qorvo were worth $2,433,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. FNY Investment Advisers LLC boosted its position in Qorvo by 980.9% during the second quarter. FNY Investment Advisers LLC now owns 1,470 shares of the semiconductor company’s stock valued at $124,000 after purchasing an additional 1,334 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Qorvo by 5.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 10,377 shares of the semiconductor company’s stock valued at $872,000 after purchasing an additional 541 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in Qorvo by 7.7% during the second quarter. Chicago Partners Investment Group LLC now owns 4,808 shares of the semiconductor company’s stock valued at $426,000 after purchasing an additional 342 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Qorvo during the second quarter valued at approximately $1,953,000. Finally, Allianz Asset Management GmbH boosted its position in Qorvo by 32.5% during the second quarter. Allianz Asset Management GmbH now owns 522,118 shares of the semiconductor company’s stock valued at $44,333,000 after purchasing an additional 128,162 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on QRVO. Piper Sandler increased their price target on Qorvo from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Craig Hallum reissued a “buy” rating on shares of Qorvo in a research report on Wednesday, July 30th. Loop Capital upped their price objective on Qorvo from $75.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Mizuho lowered Qorvo from a “neutral” rating to an “underperform” rating and set a $75.00 price objective on the stock. in a research note on Monday, October 20th. Finally, Cfra restated a “hold” rating and issued a $122.00 price objective on shares of Qorvo in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average price target of $96.33.

Insider Buying and Selling at Qorvo

In other news, SVP Paul J. Fego sold 13,612 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $95.00, for a total transaction of $1,293,140.00. Following the transaction, the senior vice president owned 54,558 shares in the company, valued at approximately $5,183,010. This trade represents a 19.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.41% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $97.42 on Wednesday. The firm has a market cap of $9.03 billion, a P/E ratio of 114.61, a price-to-earnings-growth ratio of 1.80 and a beta of 1.42. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $106.30. The business’s 50 day moving average is $91.00 and its 200-day moving average is $83.17.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.30. The company had revenue of $818.80 million for the quarter, compared to analyst estimates of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%.The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. Equities research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Qorvo Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.